We have a firm-wide policy which sets out how we will deal with actual or potential conflicts of interest. Our approach is always to act in the best interest of our clients. Artemis is a privately owned, independent partnership and fund management is all we do. So we don’t encounter some of the conflicts of interest faced by larger investment or financial services companies. But it does happen, even in less complex businesses – and we recognise that. For example, the pension scheme of a company in which we are investing might be a client of Artemis; or we may have investments in one of our main distributors, or in Affiliated Managers Group Inc (AMG) which owns a stake in our business; or one of our partners, non-executive directors or employees may be a director of one of our holdings. How we vote may benefit, or be perceived to benefit, Artemis or a particular investor.Where there is a possibility of a conflict of interest any decision to vote against the voting policy is discussed with Artemis’ CIO, and the final decision with explanation is recorded.